AIBOA's views vindicated by US financial crisis: Sridharan

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Published: Saturday, October 11, 2008, 18:03 [IST]

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Kottayam, Oct 11 (UNI) All India Bank Officers Association (AIBOA) General Secretary R J Sridharan today said Bank employees' views against merger of Public Sector Banks (PSBs) were totally vindicated by the collapse of American Banking system when US government was making out a USD 700 billion bailout to the US Banks and others suffering from sub-prime loan crisis.

Speaking at a press conference here he said the union would strongly oppose the merger of PSBs.

Stating that the Union Finance Minister should recognise the excellent solidarity shown by the Indian Banking system in the Public Sector he asked when the land of capitalisation itself was adopting socialistic approach to fund their banks from government exchequer, why Indian banks should not be capitalised by the Government without disinvestment of government capital or merger of PSBs.

Emphasising the need for insulating Indian economy and banking system from capitalist crisis of the worst order in the last 100 years he said all economic system should go back to infrastructure within the country and cater to self-reliance.

With 80 per cent of our population living with less than Rs 45 a day, the trickle down theory of wealth from the hands of few wealthy or creation of a few billionaires in the country was going to cause social tension and upheaval sooner or later, he warned.

AIBOA and AIBEA would launch nation-wide agitation to save Indian economy and Indian banking system, he said.

Mr Sridharan was here to attend Silver Jubilee conference of the Canara Bank Officers Union to be held on October 12.